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Liability Management Exercises: A Transatlantic Perspective

1 JUNE 2023

Full announcement including disclaimers and restrictions available via Akin

Over recent years, a prolonged period of low interest rates, together with a competitive financing market, has resulted in greater leverage and control for private companies (and their sponsors) when it comes to negotiating terms with current and potential creditors. There has also been, as a consequence of this dynamic and the general availability of capital, an expansion in debt document flexibility over the course of the last decade. The expansion of the use of the technology in such debt documents, and the existence of relatively benign economic conditions, have enabled private companies and their sponsors to consider whether to engage in certain liability management exercises (or LMEs) when facing liquidity issues or financial distress.


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